KUALA LUMPUR: RHB Bank Bhd’s net profit for the first quarter ended March 31 came in 6.7% higher year-on-year (yoy) to RM630.2mil from RM590.82mil due to lower expected credit losses on loans and other financial assets and lower operating expenses.Revenue rose 7.1% to RM3.35bil from RM3.12bil in the same period a year ago. Its earnings per share for the quarter stood at 15.72 sen against 14.73 sen previously.In a statement Monday, RHB said its gross fund based income increased by 8.5% yoy on the back of a 5.6% increase in gross loans and financing. Cost-to-income (CIR) ratio improved to 48.6% from 48.8% a year ago.The bank said its allowances for credit losses was at RM72.9mil, 36.4% lower than the previous year, primarily due to lower allowances for loan impairment and higher write-back in losses for financial securities. Annualised credit charge ratio improved to 0.22% compared with 0.26% over the same period last year.Total assets of the gGroup increased by 2.5% from December 2018 to RM249.3bil as at March 31. Total current and savings account (CASA) composition stood at 24.5% of total deposits.Gross impaired loans ratio improved to 2.12% from 2.29% a year ago with gross impaired loans at RM3.6bil as at March 31.“We continue to be prudent in loan loss provision with loan loss coverage standing at 106.3% as at end March 2019,” RHB said.

Source: The Star May 27, 2019 05:46 UTC